For me, the hitch mounted tray rack is what you graduate to after toying around with other, lesser types of bike carriers. The Holdup 2 from Yakima is an excellent example of what a bike carrier can and should be.

The Holdup comes in two variations for receivers of either 1.25-inch or 2-inches. Yakima supplies you with a hitch bolt and lock for said bolt. The bolt screws into a receiver inside the rack itself and tightens, eliminating side-to-side sway.

For an extra $285, you can get an extension (the Hold Up +2) complete with extra trays and wheel locks for two additional bikes. Making your potential carrying capacity 4 bikes, though not without paying for it.